In the past few years, IAC has already spun off Home Shopping Network, Expedia, LendingTree, and Ticketmaster. He'd eventually like to see the Ask.com search and Citysearch local businesses stand alone as well.

"They are in formation, he said. "They are not sufficiently landed. I'm hopeful that they will be."

Fortune managing editor Andy Serwer challenged Diller on whether he is really improving the entities under his domain. "Are you creating value or are you just a shark that needs to keep swimming?"

Diller quipped that it's probably somewhere in between, before explaining his rationale. "It's not really serial deal making," he said.

The Internet empire, he said, really started with Home Shopping Network, which Diller called the "most primitive form of interactivity."

From there, he said, curiosity forced him onto the Internet.

"We're not really deal junkies," he said. "We just followed the opportunity."

About the author

During her years at CNET News, Ina Fried has changed beats several times, changed genders once, and covered both of the Pirates of Silicon Valley. These days, most of her attention is focused on Microsoft. E-mail Ina.
See full bio